A loss is an unpredictable and isolated event that causes harm or damage to a person or organization. They are often included in insurance policies.
Conceptually, a claim acts as an individual phenomenon and impossible to estimate over time. They are usually breakdowns, breakages and other kinds of misfortunes that happen without premeditation or will, responding to a natural or random explanation.
It occurs at a certain moment, which although it is expected due to its probability, cannot be fully defined and anticipated.
Claims, at the same time, have the essential characteristic of causing damage to different degrees to people, facilities or economic interests of commercial companies.
On the other hand, the existence of these events of all kinds is the key to explain the existence of insurance.
This happens because both people and organizations, companies or institutions protect themselves from these adversities by means of instruments with which they can compensate for possible economic losses.
The various existing contingencies are identifiable in all types of economic agents. All of them, being susceptible to being considered as a loss, can be classified as follows:
- Life or personal: It encompasses those contingencies related to the health of individuals or even death. There are also contingencies related to temporary leave or layoffs.
- Material and physical: Includes both repairable and irreparable damage to a physical or material asset. Examples of this are mishaps and accidents between automobiles, the loss or misplacement of goods, a gas explosion or a fire in a facility.
- Financially: There are areas such as the economy and finance that have specific causes. This is the case in the stock market, where specific insurance is established to cover unpredictable events and losses. They are often related to different types of economic ratios.
Claims as a key element in insurance
Each insurance policy contemplates a series of possible contingencies, or causes, when covering the insured items. The occurrence of any of these events is in itself a loss.
The study in a certain period of time of the appearance of claims is known as claims. This concept favors the anticipation of events and allows the calculation of insurance rates.
When a claim appears, it must be notified to the corresponding insurance company in order to formalize its file.
These companies regularly carry out expert work to evaluate the event and know the magnitude of the damage caused to be guaranteed.
In most cases, the costs caused by it are recoverable depending on the insurance contract in particular.
In this sense, and on occasions, the totality of the damages produced is not recoverable, but only a part of these. This magnitude must be stipulated, according to guarantees, when signing an insurance contract.